Editas Medicine (NASDAQ:EDIT) Issues Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Editas Medicine (NASDAQ:EDIT) released its earnings results on Wednesday. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.12, FiscalAI reports. The firm had revenue of $11.89 million for the quarter, compared to analyst estimates of $2.85 million. Editas Medicine had a negative return on equity of 491.37% and a negative net margin of 157.32%.

Editas Medicine Stock Up 0.5%

EDIT traded up $0.01 during trading on Friday, reaching $2.92. 903,177 shares of the company’s stock were exchanged, compared to its average volume of 2,031,692. Editas Medicine has a fifty-two week low of $1.66 and a fifty-two week high of $4.54. The business has a 50 day moving average price of $2.91 and a 200 day moving average price of $2.64. The company has a market capitalization of $285.41 million, a P/E ratio of -3.89 and a beta of 2.14.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on EDIT shares. TD Cowen reissued a “buy” rating on shares of Editas Medicine in a research report on Wednesday, May 27th. Wall Street Zen downgraded shares of Editas Medicine from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Editas Medicine in a report on Friday, July 17th. Finally, Chardan Capital upped their price objective on shares of Editas Medicine from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $5.40.

Insider Transactions at Editas Medicine

In other news, CEO Gilmore Neil O’neill sold 15,380 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $2.70, for a total value of $41,526.00. Following the completion of the transaction, the chief executive officer owned 248,313 shares in the company, valued at approximately $670,445.10. This represents a 5.83% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 21,503 shares of company stock valued at $57,910. Insiders own 3.10% of the company’s stock.

Institutional Trading of Editas Medicine

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in shares of Editas Medicine by 7.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 92,397 shares of the company’s stock valued at $190,000 after buying an additional 6,177 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Editas Medicine by 33.3% in the third quarter. BNP Paribas Financial Markets now owns 27,168 shares of the company’s stock worth $94,000 after acquiring an additional 6,787 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Editas Medicine during the third quarter worth about $36,000. Captrust Financial Advisors acquired a new stake in shares of Editas Medicine during the second quarter worth about $26,000. Finally, Sei Investments Co. bought a new position in shares of Editas Medicine during the 3rd quarter valued at about $46,000. Institutional investors own 71.90% of the company’s stock.

Editas Medicine Company Profile

Editas Medicine is a clinical-stage biotechnology company focused on translating the power of gene editing into a new class of transformative genomic medicines. Founded in 2013 and headquartered in Cambridge, Massachusetts, the company leverages proprietary CRISPR/Cas9 and CRISPR/Cas12a (Cpf1) platforms to develop therapies aimed at correcting disease-causing genetic mutations. Editas Medicine’s research and development efforts span multiple therapeutic areas, including inherited retinal diseases, hemoglobinopathies, and oncology.

The company’s pipeline includes EDIT-101, a lead candidate designed to treat Leber congenital amaurosis type 10 (LCA10), which has entered early-stage clinical trials, and EDIT-301, targeting sickle cell disease and β-thalassemia using an ex vivo editing approach.